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Chief executive and chairman Harry Bradbury said directional drilling under the seabed was extremely expensive and time consuming.

However, he added that by heating up the rock before drilling using fibre optic lasers, the drills would cut through much quicker and reduce the cost of the process by as much as 90 per cent.

As well as reducing the cost of drilling under the sea, it is believed the technology can be used to heat up the rocks to a certain temperature to ensure the right gases are released and limit the amount of useless <a href=http://www.cybermondaytiffanydeals.com>cyber monday deals tiffany</a> waste gases.

Dr Bradbury said that while fibre optics under the seabed were <a href=http://www.canadagoosejacket-outlet2015.com>canada goose jacket</a> already being used for communications, using fibre laser technology in this setting was new.

The technology is <a href=http://www.blackfridaytiffany2014.com>black friday 2014</a> being examined in the North East after being developed in the US by engineers working on geo thermal energy projects.

"This builds on a body of research done already, most notably in the US, were certain groups have been able to make use of fibre lasers," said Dr Bradbury.

He admitted the technology sounded like something from a science fiction novel, but added: "Not so long ago if you said you would have a metal rig in the middle of the North Sea that was drilling down deep into the seabed they would think you were talking about a Jules Verne book."

The company's deep gas winning process <a href=http://www.outlet-canada-goose.com>canada goose outlet</a> has pre qualified for the UK Guarantee scheme, which means that while much of the 1bn needed would have to be borrowed on the markets, the project would be guaranteed by the UK Government.